VCG Holding Corp. Announces Purchase Agreement to Acquire an Upscale Gentleman's Club in the Southeast
March 23 2007 - 1:17PM
Business Wire
VCG Holding Corp. (VCG) (AMEX: PTT), a nationwide owner/operator of
adult nightclubs, announced today that it has entered into an
agreement to purchase the assets of a major adult nightclub in the
southeastern area of the United States. VCG announced today that it
has entered into an agreement to purchase the assets of a major
adult nightclub in the Southeastern United States for cash and a
nominal amount of VCG common stock. The name and location of the
fully licensed venue and its seller are being kept confidential as
part of the agreement until closing the transaction, which is
expected to take place by April 30, 2007. The purchase is
contingent upon transfer of all applicable permits and licenses and
other contingencies customary with this type of transaction. �This
acquisition is not only highly accretive, but also adds another
premier club to our upscale portfolio of clubs. The proceeds of the
recent private placement will fund this acquisition, the previously
announced Scheiks Gentlemen�s Club in Minneapolis, and one more
major acquisition by the end 2007,� stated Troy Lowrie, CEO and
Chairman of VCG. Management believes the announced acquisitions
will enable the company to meet or exceed the January 10, 2007
press release of Earnings Guidance for 2007, 2008, and 2009. About
VCG Holding Corp. VCG Holding Corp. is an owner, operator and
consolidator of adult nightclubs throughout the United States. The
Company currently owns twelve adult nightclubs and one upscale
dance lounge. The night clubs are located in Indianapolis, St.
Louis, Denver, Colorado Springs, and Louisville. Forward-looking
statements Statements contained in this press release concerning
future results, performance or expectations are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These statements include statements regarding
the intent, belief or current expectations of the Company and
members of its management team, as well as assumptions on which
such statements are based. All forward-looking statements in this
press release are based upon information available to the Company
on the date of this press release. Forward-looking statements
involve a number of risks and uncertainties, and other factors,
that could cause actual results, performance or developments to
differ materially from those expressed or implied by those
forward-looking statements including the following: failure of
facts to conform to necessary management estimates and assumptions;
the Company�s ability to identify and secure suitable locations for
new nightclubs on acceptable terms, open the anticipated number of
new nightclubs on time and within budget, achieve anticipated rates
of same-store sales, hire and train additional nightclub personnel
and integrate new nightclubs into its operations; the continued
implementation of the Company�s business discipline over a large
nightclub base; unexpected increases in cost of sales or employee,
pre-opening or other expenses; the economic conditions in the new
markets into which the Company expands and possible uncertainties
in the customer base in these areas; fluctuations in quarterly
operating results; seasonality; changes in customer spending
patterns; the impact of any negative publicity or public attitudes;
competitive pressures from other national and regional nightclub
chains; business conditions, such as inflation or a recession, or
other negative effect on nightclub patterns, or some other negative
effect on the economy, in general, including (without limitation)
growth in the nightclub industry and the general economy; changes
in monetary and fiscal policies, laws and regulations; war,
insurrection and/or terrorist attacks on United States soil; and
other risks identified from time to time in the Company�s SEC
reports, including the Annual Report on Form 10-KSB for 2005,
Quarterly Reports on Form 10-QSB and Current Reports on Form 8-K,
registration statements, press releases and other communications.
The Company undertakes no obligation to update or revise
forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results over time. Contact:
Vcg (AMEX:PTT)
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